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Last modified
7/17/2007 9:18:53 AM
Creation date
4/25/2005 12:19:51 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
7680
Resolution Title
$900,000 Commercial Development Revenue Note of 1984, Series D
Resolution Date Passed
12/26/1984
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<br />4-4. Nature of Security. <br /> <br />Notwithstanding anything contained in the Note, the <br />Mortgage, the Assignment of Rents and Leases, the Loan Agree- <br />ment, the Pledge Agreement or any other document referred to in <br />Section 2-4 to the contrary, under the provisions of the Act <br />the Note may not be payable from or be a charge upon any funds <br />of the City other than the revenues and proceeds pledged to the <br />payment thereof, nor shall the City be subject to any liability <br />thereon, nor shall the Note otherwise contribute or give rise <br />to a pecuniary liability of the City or, to the extent <br />permitted by law, any of the City's officers, employees and <br />agents. No holder of the Note shal1 ever have the right to <br />compel any exercise of the taxing power of the City to pay the <br />Note or the interest thereon, or to enforce payment thereof <br />against any property of the City; and the Note shall not <br />constitute a charge, lien or encumbrance, legal or equitable, <br />upon any property of the City; and the Note shall not <br />constitute a debt of the City within the meaning of any <br />constitutional or statutory limitation; but nothing in the Act <br />impairs the rights of the Lender to enforce the covenants made <br />for the security thereof as provided in this Resolution, the <br />Loan Agreement, the Pledge Agreement, the Mortgage, the <br />Assignment of Rents and Leases, the Disbursing Agreement, the <br />Letter of Credit and the Act, and by authority of the Act the <br />City has made the covenants and agreements herein-for the <br />benefit of the Lender; provided that in any event, the <br />agreement of the City to perform the covenants and other <br />provisions contained in the Note, the Loan Agreement, the <br />Pledge Agreement and the Disbursing Agreement shall be subject <br />at all times to the availability of revenues under the Loan <br />Agreement sufficient to pay all costs of such performance, and <br />the City shall not be subject to any personal or pecuniary <br />liability thereon. <br /> <br />22 <br />
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